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Jan 21 (Reuters) - Credit Agricole is working on a cost-cutting plan of 150 million to 200 million euros ($199 million to $266 million) through 2015 at its corporate and investment banking unit, a union source said.
The bank's management recently briefed unions on the planned expense reductions, reassuring them that there wouldn't be any new job cuts after the bank laid off 1,750 staffers last year, the source said.
"The management told us there wouldn't be any layoff plan," the source said, "but that there were expenses to be cut between 150 and 200 million euros, by 2015."
The plan is the latest sign that big European banks are having to resort to further cost cuts to try to boost profits as investment banking revenues remain erratic and retail and consumer lending are depressed by weak economic growth.
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